Market Commentary

Treasuriesare lower than yesterday at the opening of today’s session. The yield on the UST10-Year is currently at 2.653% after closing at 2.614% during the prior session.

The economic calendar for today features the MBA Mortgage Applications’ print for the week ended January 19, which rose 4.50%, above the prior week’s mark of 4.10%. Also in today, the FHFA House Price Index for November rose 0.40%, below survey of 0.50% and dropping from its prior mark of 0.60% revised. Further, Existing Home Sales for December reached 5.57 Million, below survey of 5.70 Million and lower than its prior 5.78 Million revised; while month-over-monthExisting Home Sales for December registered a change of -3.60%, below survey of -1.90% and lower than its previous mark of 5.10% revised. Finally, Markit US Manufacturing PMI preliminary for January reached 55.50, slightly above market expectations of 55.00 and above its prior mark of 55.10; while Markit US Services PMI preliminary for January reached 53.30, below market expectations of 54.30 and slightly below its prior mark of 53.70.

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